Dar refutes rumors of imposition new taxes on agriculture, real estate sectors
Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar firmly denied media reports claiming the imposition of additional taxes on agriculture and real estate sectors to meet the International Monetary Fund’s (IMF) requirements. “I am categorically announcing on the floor of the house that there will be no new taxes on agriculture and real…
Adil Aziz
SBP designates domestic systemically important banks for 2023
The State Bank of Pakistan announced the Domestic Systemically Important Banks for the year 2023 under D-SIBs framework aimed at further strengthening risk management capacities and resilience against shocks. The central bank has designated National Bank of Pakistan (NBP), Habib Bank Limited (HBL) and United Bank Limited (UBL) as D-SIBs for the year 2023 after…
Islamic Finance prospects share of Islamic Banking has surpassed 21 Percent
Mr. Irfan Iqbal Sheikh, President FPCCI, has apprised that the share Islamic banking has surpassed 21 percent in Pakistan; and, it is expected to grow rapidly – as SBP has been assigned to make all banking Riba-free by 2027. He added that the growth in Islamic banking’s share is a testimony that individuals and businesses…
IMF transfers $1.2 Billion to Pakistan
In total around $4.2 billion were added to the country’s foreign exchange reserves during the week including $2 billion from Saudi Arabia, $1 billion from United Arab Emirates and $1.2 billion from IMF The International Monetary Fund (IMF) transferred US$1.2 billion to State Bank of Pakistan (SBP) out of total $3 billion under the Stand-By…
Saudi Arabia deposits $2 Billion with SBP
The deposits would be a straight away increase in the country’s foreign exchange reserves and lift them to around $11.7 billion Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar said that the brotherly country Saudi Arabia has deposited $2 billion with State Bank of Pakistan (SBP), increasing the total foreign exchange reserves to…
Governor SBP unveils Rs.75 commemorative banknote to mark 75 SBP years
Governor State Bank of Pakistan, Jameel Ahmad, on Tuesday (July 04), unveiled a commemorative banknote to mark the 75 years of the establishment of SBP in a ceremony held here at the SBP Museum. The Rs 75 commemorative banknote is predominantly blue which has been chosen to impart a sense of stability associated with a…
Rupee gains 71 paisas against US Dollar in interbank
Pakistani Rupee gained 71 paisas against the US Dollar (USD) in the interbank trading as it closed at Rs285.99 against the previous day’s closing of Rs 286.70. However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market stood at Rs 287.5 and Rs 290 respectively….
National Savings to launch four Shariah-compliant investment and saving scheme
Minister for Finance and Revenue Senator Mohammad Ishaq Dar reiterated firm resolve of the government to implement Shariah Compliant financial system to promote and encourage interest-free Islamic banking and finance in the country. Addressing the launching ceremony of the Shariah Compliant products by the Central Directorate of National Saving (CDNS), the minister said the directorate…
SBP issues revised Regulations for Electronic Money Institutions
State Bank of Pakistan has issued revised Regulations for Electronic Money Institutions (EMIs) with the aim to enhance outreach and scope of these innovative fintech-enabled payment companies. The updated regulations now allow EMIs to offer their customers, including minors and freelancers, increased monthly wallet limits, offer new payment services such as Payments Aggregation, Bill/Invoice Aggregation,…
Banks to observe normal banking hours on June 24: SBP
To facilitate the collection of government duties and taxes, bank branches on June 24 (Saturday) will observe normal banking hours until 5:30 pm while online payment facilities will also be ensured around the clock. The State Bank of Pakistan (SBP), through a statement issued here on Monday, informed that all those branches of banks that…